Government extends subsidizing of agricultural loans worth one million drams

YEREVAN, March 25. /ARKA/. The Armenian government has revised today the second program of measures it had designed last year to neutralize the economic consequences of the coronavirus crisis for the agricultural sector.

Economy Minister Vahan Kerobyan said the changes were made to secure continued subsidizing of agricultural loans to the tune of one million drams.

He said micro loans provided under this program of measures accounted for two-thirds of the total number of loans provided under the second anti-crisis program. More specifically, 26 thousand out of about 36 thousand loans were issued as micro loams worth 21 billion drams.

According to him, these loans, in fact, replaced various agricultural assistance programs of the government, which used to contain corruption risks. He said also that due to the high demand for this type of loans the program is being extended until October 1, 2021.

According to the Minister of Territorial Administration and Infrastructure Suren Papikyan, the advantage of this program is that no collateral is required and it is mainly aimed at small farms.

“On the eve of spring agricultural work, this is a very important decision that will help small farms to buy seeds, fertilizers and other necessary funds for spring work,” Papikyan said. ($1 – 528.32 drams). –0--